Circuit City plans to reduce size of its board
Circuit City Stores Inc. wants to reduce the size of its board of directors at the chain’s annual shareholder’s meeting in June.
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Media General News Service
Published: April 8, 2008
Circuit City Stores Inc. wants to reduce the size of its board of directors at the chain’s annual shareholder’s meeting in June.
In a letter dated Feb. 28 but released in a Securities and Exchange Commission filing yesterday, Reginald D. Hedgebeth, general counsel at the Henrico County-based electronics retailer, said the company would try to amend its bylaws to have 11 directors instead of 12 on its board.
That change would mean four directors, not five, would be elected at the annual meeting is scheduled for June 24.
The letter was addressed to Mark J. Wattles, president of the investment group Wattles Capital Management LLC. Wattles owns 6.5 percent of the chain’s stock and has asked that his slate of five nominees be seated on the board.
In the letter, Hedgebeth asks Wattles which nominee he would withdraw.
Wattles was not available for comment.
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